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`India must address fiscal situation'

By Sridhar Krishnaswami

WASHINGTON, APRIL 23. The acting Managing Director of the International Monetary Fund, Anne Krueger, has taken the stand that while there are many things that needs "doing" in India, addressing the fiscal situation was of "critical importance."

At a press conference, Ms. Krueger said everyone knew that India's recent economic performance had been "very, very good," with the growth rate at an all-time high or close to it.

"A little bit of that is due to the reversal of the monsoon; but much of that is obviously due to some of the changes that have already been undertaken in India."

Asked to comment on what would be the most urgent needs in the context of India, She said: "I think in the Indian case ... many of us would argue that the fiscal situation is not sustainable." The Government of India itself had accepted this.

" ... the fiscal responsibility law has been passed and efforts are being made to tackle the fiscal problem. And, I think most observers of India would think that that was the most important single issue. Obviously, as in every country in the world, there are many other things that need doing, but addressing that would be of critical importance," Ms. Krueger said.

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